Essel Propack buys UK company

Packaging major Essel Propack on Tuesday said it has acquired the United Kingdom -based Telcon Packaging.

The acquisition of 100 per cent stake in Telcon has been made through Lamitube Technologies Ltd, Mauritius, a wholly owned subsidiary of the Company, Essel Propack informed the Bombay Stock Exchange.

This strategic move provides the company, a manufacturer of laminated tubes, with a local manufacturing base in UK which in turn will strengthen it's position for winning major contracts in the UK and Europe.

Further, this acquisition can be termed as a major move towards the company's consolidation in European market, it said.

"The acquisition of Telcon Packaging is a continuation of our stated strategic intent for Europe and Americas. We expect this step to result in further consolidation of laminated tubes manufacturing in Europe," said Ashok Goel, the vice chairman and managing director, Essel Propack.